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What amount of the distribution receives dividend treatment

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Question - In the middle of the current year, Cowen Corp. distributed $60,000 to its sole shareholder, Kachy. Kachy's stock basis was $100,000 prior to the distribution. Cowen Corp. has a deficit in current E&P of $120,000 on the date of distribution and a deficit in current E&P of $200,000 for the entire year. Cowen Corp. has accumulated E&P of $100,000. What amount of the distribution receives dividend treatment?

Reference no: EM133069511

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